TeleFonika looking to get rid of smaller investors in cable producer KFK

Myslenice-based TeleFonika, the strategic investor in cable producer Krakowska Fabryka Kabli (KFK), is seeking to force smaller investors in KFK - the state treasury and NSZZ Solidarnosc trade union- to sell their shares. To do this, TeleFonika has taken advantage of newly introduced corporate legislation that enables majority owners to oust smaller investors. Under its provisions, larger shareholders may decide to undertake a so-called forced purchase of stakes held by investors with less than 5% holdings. The number of buyers may not exceed five, and together they must hold no less than 90% in the company; likewise, a motion for forced purchase is carried by a majority representing 90% of the company's voting rights. TeleFonika is the first company to apply the new law in practice. Rumor has it that TeleFonika and KFK, which together control 38% of the Polish cable market, will merge in the first half of this year. Labor union representatives say they will file a motion in court against TeleFonika's attempt to remove the treasury from the company. (Gazeta Wyborcza, p.25) J.K. In brief: Grupa Telewizji Kablowej Vectra; Lukas Bank; Danuta pasta maker Grupa Telewizji Kablowej Vectra (GTKV) says it intends to invest a minimum of zl.100 million into its operations, earmarking zl.45 million for network modernization, while the remaining zl.55 million will go toward the acquisition of other small cable operators. (Puls Biznesu, p.8)...Lukas Bank is now offering the option of opening accounts serviceable via telephone. The new service is intended for Lucas Bank customers that have taken a loan in Lukas. (Puls Biznesu, p.8)...Warsaw-based Bank Handlowy has sold a 28.77% stake in Danuta, one of Poland's largest pasta producers, to an undisclosed buyer. (Puls Biznesu, p. 4) A.Z.